President Joe Biden has formally announced that Micron Technology will receive $6.1 billion in federal funding for its $100 billion microchip plant in Central New York. This funding is part of the 2022 CHIPS Act, which Biden promoted as a way to bring semiconductor manufacturing back to America. Micron is the fourth big chipmaker to get CHIPS money to build leading edge chips in the U.S.
Biden’s visit Thursday to formally announce the funding is a quantum leap forward for the project. Micron’s plant is expected to create 50,000 jobs and boost the local economy. It is also a major win for the Biden administration, which has made bringing semiconductor manufacturing back to America a priority.
The CHIPS Act was passed in August 2022 and provides $52 billion in funding for semiconductor research, development, and manufacturing. The goal of the act is to make the U.S. more competitive in the global semiconductor market and to reduce reliance on foreign-made chips.
Micron’s plant is one of several major semiconductor manufacturing projects that have been announced in the U.S. in recent months. Intel is building a $20 billion plant in Ohio, and Wolfspeed is building a $1.5 billion plant in North Carolina. These projects are a sign of the growing importance of semiconductor manufacturing in the U.S. and the Biden administration’s commitment to bringing this industry back to America.
